Better Slow And Responsible

Debt relief for the world's poorest nations is an important step toward social justice, but only if done right. Under the wrong conditions, it can become a haven for deadbeats and crooks.

The World Bank and the International Monetary Fund have announced a debt-relief program for 22 underdeveloped countries. The program stems from the 1999 G-7 summit, when leaders of the United States and six other wealthy nations pledged to forgive $100 billion in debts of the poorest countries. Only nations that meet a list of strict economic reform and social investment guidelines can get the debt write-off.

So far, so good.

Let's hope these international debt-relief conditions are enforced for the good of the people who most need the help.

Of the 22 nations selected for $34 billion in debt relief, 18 are in Africa and four in Latin America. In all, 41 nations have been identified for this type of help. Many people in these countries -- from Cameroon to Nicaragua -- live on less than $1 a day. Most of these governments spend a substantial portion of national resources on debt service. Little is left for schools, health-care, roads and other social investments that raise living standards and life expectancy.

No doubt, decades of bad government, civil war, and wasteful spending got these countries into financial trouble. Many also are former colonies of the West, and their natural resources helped to make Europe a rich continent.

What's important now is the future, and not the past. An important requirement for debt forgiveness is that money no longer spent on loans must be used to improve education, health care or economic development. There should be no loopholes to get around these requirements.

To date, only one of the 22 nations -- Uganda -- has actually qualified for all the debt-relief program's benefits. All eligible governments are required to come up with debt-reduction strategies in consultation with grass-root organizations. In the Americas, Nicaragua is set to received $4.5 billion in debt-reduction aid. Some groups in that country are concerned the government may spend some of its debt savings on next year's election campaign. Concerns such as these should be addressed before debt relief kicks into action.

This is an instance where haste will make waste. It is better to have a slow, thorough debt relief process than a speedy and messy one. Public support has grown for this development concept, which is being promoted by people as diverse as Pope John Paul II, televangelist Pat Robertson and rock star Bono.

The goodwill generated so far, however, will evaporate if debt relief is used to build the summer homes of Third World leaders. Every effort must be made to make sure that doesn't happen.